Buyer and Seller Costs
Regardless of whether you are buying or selling a property, there are many costs to factor into your calculation of affordability. These extra fees could surprise you with an unwanted financial nightmare on closing day, if you're not informed and well prepared.
Some of these costs are one-time fixed payments, while others represent an ongoing monthly or yearly commitment. Not all of these costs will apply in every situation, however it's better to know about them ahead of time so you can budget accordingly.
Review the following checklist...
Buyers:
1. Mortgage Fee, Appraisal Fee
2. Mortgage Loan Insurance + PST
3. Deposit
4. Down Payment
5. Home Insurance
6. Home, Water, Septic Inspections
7. Survey
8. Interest Adjustment Date
9. Land Transfer Tax(es)
10. Chattel Tax
11. Legal Fee + Disbursements
12. Title Insurance
13. Unpaid Tax / Utility
14. Utility Deposit
15. Condo Report - Status Certificate
16. Condo Fees
17. New Home Costs
18. Moving Costs
After you move in, you might also consider - Appliances, Decorating Materials, Garden Equipment, Hand Tools, Renovating Materials, Snow Equipment, Window Coverings, etc.
Sellers:
1. Real Estate Fee + HST(13%)
2. Legal Fee + Disbursements
3. Staging, Decorating, etc
4. Home, Water, Septic Inspections
5. Condo Report - Status Certificate
6. Survey
7. Unpaid Tax / Utility
8. Pre-Payment Fee
9. Discharge Fee
10. Moving Costs
Some of the above costs are self-explanatory. For those you are unsure about, please click the Glossary link below.
